Loss Per Share

The Company computes basic loss per share by dividing net loss distributable to common shares by the weighted-average common shares outstanding during the period. Diluted loss per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the period. Weighted-average diluted common shares outstanding primarily reflect the additional shares that would be issued upon the assumed exercise of stock options and the assumed vesting of unvested share awards. The treasury stock method has been used to compute diluted loss per share for the three months ended March 31, 2020 and 2019.

The Company issued warrants that represent the right to purchase shares of Common Stock, Stock Appreciation Rights (“SARs”) and Restricted Stock Awards (“RSAs”), all of which have been evaluated for their potentially dilutive effect under the treasury stock method. See Note 3. Weichai Transactions herein for additional information on the Weichai Warrant and Note 12. Stock-Based Compensation in the Company’s 2019 Annual Report for additional information on the SARs and the RSAs.

The computations of basic and diluted loss per share are as follows:



(in thousands, except per share basis)	For the Three Months Ended March 31,
	2020			2019
Numerator:
Net loss	$	(712	)	$	(2,586	)
Exclude gain from change in value of warrants	—			(4,400		)
Net loss distributable to common stockholders – diluted	$	(712	)	$	(6,986	)

Denominator:
Shares used in computing net loss per share:
Weighted-average common shares outstanding – basic	22,858			18,639
Effect of dilutive securities	—			3,996
Weighted-average common shares outstanding – diluted	22,858			22,635

Loss per common share:
Loss per share of common stock – basic	$	(0.03	)	$	(0.14	)
Loss per share of common stock – diluted	$	(0.03	)	$	(0.31	)

The aggregate number of shares excluded from the diluted loss per share calculations, because they would have been anti-dilutive, were 0.2 million shares for both the three months ended March 31, 2020 and 2019, respectively. For both the three months ended March 31, 2020 and 2019, SARs and RSAs were not included in the diluted loss per share calculations as they would have been anti-dilutive (1) due to the losses reported in the Consolidated Statements of Operations or (2) the Company’s average stock price was less than the exercise price of the SARs or the grant price of the RSAs.